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The oil price helps the share market reach a four month high

The S&P/ASX 200 (ASX: XJO) hit a four month high beating 6,135 last seen on 9 January 2018, dropping back to 6,127 at the time of writing.

The run in the oil price has more than boosted the market, with the price hitting a three and a half year high after the exit of US President Donald Trump from the Iran nuclear deal. Companies doing well include WiseTech Global Limited (ASX: WTC), Oil Search Limited (ASX: OSH), CSL Limited (ASX: CSL), and BT Investment Management Ltd (ASX: PDL).

A lower dollar has helped CSL with substantial US dollar earnings, while BT Investment Management’s (now called Pendal Group Ltd) share price jumped 8% due to a strong 2018 interim profit announcement with net profit up 45% for 1H18. WiseTech continues its rally on the back of a healthy outlook for future earnings, and Oil Search will do well from higher oil prices.

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Motley Fool contributor Rosemary Steinfort owns shares of CSL Ltd. The Motley Fool Australia owns shares of WiseTech Global. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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